Italian NPL Market Update 2017-07

KRUK S.A. has acquired through its Italian subsidiary ItaCapital s.r.l. a 132m NPL Porfolio winning a tender launched by Deutsche Bank. This deal brings total investment in Italy to some 75m representing 25% of the total capital deployment in Europe of the group which has asset under management for a total o 3.8bn

Quaestio Capital Management SGR has signed 2 agreements, on behalf of the Atlante II Fund, for the purchase of

1. the portfolio of Euro 343 million of impaired loans held by Nuova Cassa di Risparmio di Ferrara S.p.A., the entity which arose following the resolution of the previous Cassa di Risparmio di Ferrara in November 2015.  This transaction, which will be concluded by 30 June of this year with the fund subscribing to securities, will enable the bank to be sold to BPER, as in the case of the sale of the other three good banks to UBI, and make it possible for another of the Italian banking system’s critical situations to be resolved. (here press release)
2. loans of approximately Euro 2.2 gross billions which represent around two thirds of the portfolio of non-performing loans held by the three good banks (namely Nuova Banche Marche S.p.A., Nuova Banca dell’Etruria S.p.A. and Nuova Cassa di Risparmio di Chieti S.p.A) the entities created in 2015 following the bail-in by the National Resolution Fund. This operation makes the sale of the three banks to UBI possible and enables one of the Italian banking system’s critical situations to be resolved on a definitive basis.(here press release)

MBCredit Solutions has acquired

1. a portfolio of unsecured retail loans from UniCredit, for a nominal value of approx. €310m, and has signed an agreement to acquire a further €140m of the same type, which have originated in the course of 2017, for a total nominal value of approx. €450m (here press release)
2. a portfolio of unsecured corporate and retail receivables from Unicredit Leasing worth a total of approx. €500m, The acquisition represents the successful completion of a competitive process in which several investors were bidding to obtain the portfolio put up for sale by Unicredit Leasing, assisted in the process by its parent company Unicredit.

Banca IFIS has concluded

1. on the buy side two new deals involving the purchase of consumer credit portfolios for a total nominal value of approximately 338 million euro (here press release). The first agreement involves a portfolio sold by Findomestic Banca, for a nominal value of approximately 321 million, while the second deal, reached with Consel, part of the Banca Sella Group , involves a portfolio with a nominal value of approximately 16,7 million euro
2. on the sell side the sale of two NPL portfolios totaling a nominal value of about 250 million Euro, corresponding to about 27.000 positions. The first deal relates to the sale of a portfolio composed of non-performing consumer loans for a nominal value of about 151,6 million Euro and has been concluded with an International distressed investor; while the second deal involves sale of a portfolio of re-performing loans, a transfer in which the repayment plan has been successfully initiated and  was carried out with a European Investment Manager, LCM Partners, who is an alternative credit specialist that has been actively buying portfolios of loan receivables for the past 18 years. and will work closely with its sister loan servicing company, Link Finanziaria, to service the portfolio. (here press release)

Unicredit Leasing signed an agreement with 4 suppliers, namely  Sistemia S.p.A., Yard S.p.A., IT Auction S.r.l. and the captive remarketing platwofm UniCredit Subito Casa, in order to sale the assets repossessed from leasgin NPLs.